PCG - PG&E gets NRC approval to keep Diablo Canyon running during license review

The Nuclear Regulatory Commission on Thursday approved PG&E's ( NYSE: PCG ) exemption request to allow continued operations at the Diablo Canyon nuclear plant past the plant's current licenses.

PG&E ( PCG ) said the exemption will allow it to continue operating both units at Diablo Canyon while its license renewal application is under review.

The NRC's decision comes six months after California lawmakers approved a bill aimed at keeping the plant running until 2030, five years past its current scheduled shutdown date.

It is not yet certain the reactors will be allowed to keep operating past 2025, since the legislation requires the state's Public Utilities Commission and several other state agencies to sign off.

The Biden administration said in November it would give PG&E ( PCG ) a $1.1B loan to help cover the costs of keeping Diablo Canyon open .

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